Taiwan Tech Focused Senior Analyst

Patrick Liao

Being invited, I joined Sellside, i.e. JPMorgan, Nomura and Macquarie, totally around 9-10 years. Before that, I joined International Data Corp (https://www.idc.com/) to be the Asia Semiconductor analyst for nearly 2 years, and being invited to do personal lectures in TSMC, UMC, Samsung and etc. In my working experiences, I also had the chance to join Taiwanese panel company, AUO (2409.TT) and the buyside, Chinalife (2823.TT), totally for over 1 year.
I obtained MS degree from the Tsing-Hua University. Then I worked in the Taiwan Semiconductor companies for around 11 years. I had several US patents during my stay in the Semiconductor industry.

Being worked in the sellside and buyside, I deeply dived in the Greater China Semiconductor industry and directly covered some companies, like TSMC (2330.TT, TSM.US), UMC (2303.TT, UMC.US), Vanguard (5347.TT), ASE (3711.TT, ASX.US), SPIL (merged with ASE and delisted), KYEC ( 2449.TT), JCET (600584.CH), ASMPT (522.HK), GWC (6488.TT), WinSemi (3105.TT), Mediatek (2454.TT), Silergy (6415.TT), Novatek (3034.TT), Guoxin Micro (002049.CH) etc.

Vanguard (5347.TT): June Revenue Reached a Record High.

Vanguard (5347.TT): 2026 Outlook Is Very Positive

UMC (2303.TT; UMC.US): 2Q26 Could Reach To 5%-10% QoQ Growth; 8" Wafer Price Increase.

Vanguard (5347.TT): Stock Price Rose and Fell Sharply Short-Term; 1Q26 QoQ Expected At -5% to +2%.

UMC (2303.TT; UMC.US)/ Vanguard (547.TT): The Wafer Prices of Second-Tier Foundries Are Rising.

Equity Bottom-Up

Vanguard Intl Semiconductor / Equity Bottom-Up

<ul>
<li>The AI boom has attracted a portion of wafer capacity, driving a significant increase in overall wafer demand.</li>
<li>In comparison, Vanguard’s share price likely still has considerable upside potential.  </li>
<li>
<a href="https://www.smartkarma.com/entities/vanguard-international-semi" target="_blank" data-smartkarma-citation="entities:16011:1" rel="noopener">Vanguard Intl Semiconductor (5347 TT)</a> is focusing on the specialty market, with new products initially being shipped in relatively small volumes within specialty applications.</li>
</ul>


The AI boom has attracted a portion of wafer capacity, driving a significant increase in overall wafer demand.
In comparison, Vanguard’s share price likely still has considerable upside potential.  

Vanguard Intl Semiconductor (5347 TT) is focusing on the specialty market, with new products initially being shipped in relatively small volumes within specialty applications.


Vanguard (5347.TT): The 2nd Wave of 8" Wafer Price Increase for 2H26~1Q27